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ears tuned as always to the federal reserve seem persuaded ben bernanke and his people won't do it when think finish the two day-meeting tomorrow. >>> today's economic news benign. housing up less than expected and inflation jumped a tenth of a point and last month less than forecast. >>> building on monday's gains, stocks started the day higher and started there and at the close the dow up 148 for a two-day gain of 1.46% and the snp up 12. >>> so what will the federal reserve policy makers do and how will traders and investor pass through every word from ben bernanke in his press conference. what to look for from the fed. >> it's the host important fed meeting since well, the last fed meeting. anyone hoping trade meters moved on from the federal reserve policy move must be sorely disappointed. >> ben bernanke has to open his mouth and say hello and it will move. >> this latest bounce back off the 50-day at 1600 has definitely been in anticipation of some dovishness from ben bernanke. >> what's the one thing the fed can do or say tomorrow that you think will be a calming presence on the
. down 205 points. the market selling off after ben bernanke said if the central bank could start tapering its economic stimulus measures later this year. look at how we're finishing the day on wall street, and in the last ten minutes of trading, severe selling coming in. the dow finishing down more than 200 points on the dow. the s&p 500 gives up 23 points, 1.3% lower and the nasdaq down 39 points, better than 1% as well. we all know it. when ben bernanke talks, the federal reserve speaks, the markets listen. bob pisani, what a day it was. i love the way you wrote your blog, taper tantrum. >> reporter: that's the way to explain it. a lot of people felt it would be early for mr. bernanke to explain what he would do, than to explain how the markets would react. let's look at the taper tantrum. the fed came out and said the downside risks to the economies have diminished. that's certainly good news. the economy is improving. then they went on to say, mr. bernanke reiterated, the fed may taper bond purchases at the end of the year and finish by mid-2014. that was a little more flesh
at what happened today. stocks rocked by talk -- just talk -- that the fed chief ben bernanke may ease up on the easy money, and maybe sooner than how to thought. probably in the fall. growings fears that ben himself is already almost out, mite north even finish the term, also could be out this fall and it's not just stocks getting slammed. look at gold prices, at the lowest level than more than two years. bonds are also plunging, and you know the drill there when they go down, interest rate goes up, and the fear the rates are going up higher tends to rattle investors. still, those rates are still at or near record low levels. the fact of the matter is, they aren't what they were and people don't like that. so, we're on top of all of this, and where we go from here with peter on the next move, and charlie, and melissa, on ben bernanke's next move. and former paine weber boss, should move. peter, much ado here about just a little something? or are they on to something? >> well, markets are clearly on to something. there's been a significant shift in terms of how the fed intends to manage i
on wall street. connell: all eyes are on ben bernanke. bernanke himself may be ready to use up himself on the infamous bond buying program. dagen: peter barnes has much more. >> chairman bernanke's press conference will give them an opportunity to clarify or even walk back his comments back in may on possible tapering of bond purchases. >> he cannot say too much because he does not know himself when they will start tapering. >> they could try to clarify for investors their plans for slowing qe. former fed vice chair says the policy stalemate could make clear that the fed has no plans for reducing qe. it could also emphasized that any start a reduction of bond purchases remains dependent on the labor markets. the statement could also point to slowing inflation which provides ammunition for the fed to continue qe and low interest rates. questions about whether bernanke will actually be around to see this through, it sounds like president obama does not think so. >> bernanke is a little bit like bob mueller, the head of the fbi. he has already stayed a lot longer than he wanted or he's su
for wednesday, june 19th. >>> ben bernanke has spoken and now investors all around the world have a much better idea of when the federal reserve will start cutting back on the massive stimulus program. the fed chairman said that process could begin later this year and the bond purchases could end completely by the middle of 2014 but only if unemployment and housing continue to improve. wrapping up a two-day policy meeting ben bernanke noted the economy is doing better, still policy makers left the fed's key interest rate unchanged at 0%. investors didn't like what they heard and stocks and bonds sold off on the news. the dow tumbled and the nasdaq lost almost 40 and the s and p down. a level we haven't seen since madge of last year. our steve has more on bernanke and today's fed news. >> reporter: fed reserve chairman ben bernanke dropping a bombshell saying if the economy follows the path the forecast says it will, they could begin tapering the asset purchases by the end of the year and end them by the middle of the next year when the unemployment rate is around 7%. here is what he said. >> if
react to a statement by fed chairman ben bernanke, but does the drop in value actually have a silver lining? >>> the queen of deep-fried food is deep-sixed by her employer. paula deen is let go by the food network even though she begs forgiveness for the racial slurs. >>> and the michael angel lower of legos. we'll take you to his amazing show "art of the brick." that and much more on this saturday, jeuune 22nd, 2013. captioning funded by cbs >>> and good morning. welcome to the weekend. first weekend of the summer. >> i know. finally. >> finally here. i want to get to our top story. edward snowden. it's unclear where he is this morning. perhaps hong kong. we know where the justice didn't wants to put him. behind bars. >> he now faces charges of espionage and threat of government property. here with the latest on that is senior cbs correspondent former director to the national intelligence. john, good morning. >> good morning. >> he's still in hong kong. what will happen next? >> it's a complicated process but fairly well honed. we have an extra treaty that was enforced since 1996. i
, that fast, short-term money. not the long term, people. >> so ben bernanke didn't say we're taking money out of the economy, we're putting on the brake. he said sometime in the future, when the unemployment gets to 7%, we will slow down on the accelerator. >> it's exactly what people wanted them to do and it's exactly how they should do it. give them lots of time to adjust, lay out the framework, give them exact details. this is when we think we're going to do it, we're going to do it gradually. and if the economy weakens, we're going to get back in and make sure it's okay. >> ben bernanke says the fed will pull back stimulus measures as the economy improves. that is a good thing the fed chief is giving a road map for that. that means the u.s. economy can stand on its own. that means the u.s. economy is healing. but then you have nagging concerns about the rest of the world. a recession in europe, china's growth appears to be slowing. the global worries are one reason why stock investors are so concerned about a pull-back from the fed right now. >> this is a classic case of heads you win, ta
only because the leader for these markets has always been ben bernanke. he will quarterback the way and he will be the guy. and now this guy seems to be saying, well, i'm kind of out of rescuing him. what do you make of this leadership document. >> we have been dependent upon that person to make decisions to have the market go up and down. that is not what i think. that is an amazing thing. >> than what? >> will affect the market near term that is solving some problems in this country. one of them is this irs problem. we know that they have always been dysfunctional. but we have tax reform. i don't know what this administration is accomplishing. >> it is good to be with you. neil: finally some good news. finally we are looking at prosscuting this piece. here is the bad news. they don't really seem to care. a better opportunity a bfor your business,r family, a better legacy to leave the world. we have always believed in t this pursuit, striving tbrininsight to every investment, and integrity to every plan. we are morgantanley. we're ready to work for you. i neil: uncle sam is crackin
on their intentions for short-term interest rates. we have ben bernanke's news conference. i mean, everything happens tomorrow. and the market's pentagoning itself for a rally today. >> so i guess this is suggesting that tomorrow the fed will say, we're not going anywhere. we're going to keep the foot on the pedal. in terms of stimulus. >> i guess. >> is that what this is suggesting? we'll get answers with our guests. >> i don't -- i've stopped trying to read the market's mind lately. it doesn't make sense. >> the traders are unfazed by another big new his item today at a hearing in washington. it was revealed the government stopped a terrorist plot to attack the new york stock exchange. we have the full details coming up. the reaction here from the floor. >> plenty of reaction, trust me. >>> tomorrow at this time we will know what is ben bernanke doing and what is he not doing? remember yesterday, how this market moved in just an hour, right here on this program, just over that report on what he might or might not do. well, imagine when we actually do know what he said and what his intentions are, w
over the years. tod today is, of course, fed day. do you think president obama should keep ben bernanke around? >> you've gone beyond my pay grade. obviously we've had eight years of incredible leadership from him, and i think he's done a pretty remarkable job, put a very steady hand, to you know, over an economy that's had a very challenging period of time, and that's pretty historical in that regard so i'm not sure what the right answer is to that, but i think we've been well served by him up until now. >> and through your work in china, what's your sense of the economy there? >> well, again, you know, everything is relative. they look at 7%, 7.5% growth in about gdp as a problem. we'd be dancing in the streets. >> well, that seems like a good note to end on. thanks so much for joining us. jeffrey katzenberg, ceo of dreamworks animation. guys, back to you over. >> julia, always entertaining and interesting to hear from. thank you. >>> coming up ahead on "power lunch," your last trade before the fed. plus, designating obesity as a disease what. it will mean for businesses, insurers and
. the fmoc will announce its decision at 2:00 p.m. eastern time. with y ben bernanke will hold a news conference at 2:30 p.m.. we'll talk expectations with two economists in just a few minutes. but a lot of questions swirling, including ben bernanke's term which president obama brought into a huge focus yesterday with his interview with charlie rose. also later on we have marty feldstein and randy kroszner. and we will get the scoop from them, as well. the markets ahead of the fed decision, futures this morning, once again green arrows. dow futures up by 26. yesterday the dow was up about 138 points. that means over the last two days dow up by about 250 points. >> so it's kroszner and hoenig. >> is that for me is this. >> no that's trying for anyone to -- >> i'm defensive this morning. >> is it hoenig or -- >> hoenig. >> see? and kroszner. >> kroszner. >> can i get you to agree. i think bernanke will be like i'm not going to say anything that begins with a t. nothing. nothing that could be close to taper. >> i want to talk a little bit about the top of the morning. i would say -- >> n
think for everybody. i really hope ben bernanke has the integrity to follow through on his threat. >> all right. >> i can't wait until we are finally trading on fundamental versus liquidity market. >> that's what michael is talking about. >> thank you. we will continue watching the market. a tough day on wall street today. before you run screaming a your cash, you have to listen to next segment. >>> don't miss my interview with the speaker of the house, john boehner. wait until you hear his take on the massive sell-off. plus, what he thinks about ben bernanke and the fed. that coming up on the "closing bell." (announcer) scottrade knows our clients trade and invest their own way. with scottrade's smart text, i can quickly understand my charts, and spend more time trading. their quick trade bar lets my account follow me online so i can react in real-time. plus, my local scottrade office is there to help. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade. voted "best investment services company." [ engine revs ] ♪ [ male ann
, the stock market taking a dive after the latest announcement from ben bernanke. but first, today's trivia question. how many chairmen of the federal reserve also serve his as treasury secretary? [ shapiro ] at legalzoom, you can take care of virtually all your important legal matters in just minutes. protect your family... and launch your dreams. at legalzoom.com we put the law on your side. what makes a sleep number what makes a sleep number store different? you walk into a conventional mattress store, it's really not about you. they say, "well, if you wanted a firm bed you can lie on one of those. if you want a soft bed you can lie on one of those." we provide the exact individualization that your body needs. welcome to the sleep number summer closeout. where you'll find great savings on the extraordinary sleep number bed, as we make room for our latest sleep innovations. this is your body there. you can see a little more pressure in the hips. take it up one notch. you get that moment where you go, "oh yeah" ... oh, yeah! and it's perfect. they had no idea that when they came to a sleep
, this is the biggest news day for the stocks for the year so far. ben bernanke very much in focus. will he stop printing? we are reading the tea leaves for you today. ♪ thiss the tempur-pedic innovation lab. it's like a front row seat to our latest technologies. here is where our engineers do their constant improving. we he helped over 7 million people fall in love with their tempur-pedic. a[whispers]everyone loves freef the mples. ♪ vo: ta friend under water is end usomething completely different. i met a turtle friend today so, yodon't get that very often. it seemed like it was more than happy to have us in his home. so beautul. avo: more travel. more options. more personal. whatever you're looking for expea has more ways to help you find yours. ♪ >> that song by the way is benny and the jets. get it. that's why we played it. and ben bernanke has a 2:30 p.m. eastern. and big day for the markets. what will ben say? prior to that, i'm heading to chicago. let's bring in tres knippa. why on earth are you at work so early in the day? nothing's going to happen until ben speaks. >> there's a
>>> "worldwide exchange" the headlines. advances stocks are down. >>> ben bernanke outlined conditions for the fed to begin winding down its bond buying program possibly later this year, but there's a line between that and any coming of an eventual rate hike. >>> shrinking factories out of china. hsbc slashed pmi down and a ten-month low. >>> and britain's banking watchdog said five out of eight main banks are falling short in 2012. they've announced they're going to start selling the taxpayer's stake in lloyds. >> lloyds is in a good position. investor interest is growing and shares are already trading at around a price they're selling which would reduce the national debt. that's something we want to see. >> announcer: you're watching "worldwide exchange" bringing you business news from around the globe. >>> good morning. we kick off with more news. the pmi 40.9. it's a little bit more than expected. in may, of it 27.2. there was an expectation it would be just over 48. new orders are falling a little bit. euro dollar down a little bit. mr. bernanke and what he's saying abo
number one choice. we need to get ben bernanke out of the way. for me, the thing that scares me the most is him not getting out of the way. i think if you get him out of the way and the market is trying to get him out of the way, what ends up happening, the dollar strengthens, come modmodity pri come down. you start to get some consumption growth in the economy, which is how this economy works. >> the household balance sheets have been improving. keith, when you say get ben bernan bernanke out of the way? you mean he doesn't need to be pumping $85 billion a month into the economy. >> i want the guy out of the way. he has to stop with the bond buying. >> take off the training wheels and let's let it go. michelle, what's your rating on the u.s. economy? >> i don't know. i would be a little bit more careful than keith and say let's move all the policy and remove ben bernanke's presence in the economy. the fed has done an extremely important role in the past several years of lessening the impact of this recession. it was a real meltdown we were experiencing in '08. what we are seeing now is
play the sound bite prident obama basically fired ben bernanke e d charlie rose. we will get both your reactions on the other side. president obama: i think ben bernanke has done an excellent job. he is like fiv bob mueller. he stayed a lot longer thane wantedr he was supposed to. but if he wanted to be reappointed, you would reappoint him? president obama: he has been outstanding partner along with th white house melissa: what? that is nottreally a ringing endorsement. that is like somebody saying how is your husband? that is like somebody saying he has been outstanding partner until now. >> anybody can be a loose cannon, it is just odd is the president of the unit states? melissa: was tt a loose cannon? >> he is not going to jackson hole, that was a little odd. he has been telegraphing things and a lot of people say he is tired, this has beenxhausting, and this is not what he had in mind when he became chairman of the fed. >> he was looking at his shoes when he said that. melissa: he stayed a lot longer than he was supposed to or wanted to. that is pretty harsh. not surprising ben b
, we are expecting to hear what fed chairman ben bernanke and the fellow policy makers have to say about the stimulus strategy and will wall street like the message? good morning and welcome the "squawk on the street." i'm jim faber with jim cramer, and carl quintanilla. as you can see, the futures are trading lower, and in europe, largely red on the board when you look at the various forces on the continent. our road map this morning? well, it starts where you would expect. the fed investors are jockeying for the position, and they are preparing to parse wording by the fed later this afternoon in the statement. we will help you the prepare, t too. >> and fed results are exceeding expectations, and see what that could mean for commerce and economy. >>> and now a backing off of a bid for sprint by dish, and they will concentrate on clearwire. >>> and also, a look at icahn stepping up dell bid. >>> and now the fed is wrapping up the two-day policy meeting this afternoon. investors hoping that fed will provide clarity about how and when the fed will wind down the bond buying program.
monetary policy under ben bernanke has essentially been favorable to the wealthy, and if you're making a lot of money on your stock poll, then you do have the cash to go out and buy that second home that you fancied on the californian coast. i think the story is distinctly tougher at the other end of the income distribution, and that's what we should focus on because that affects a lot more people. >> al, that affects you. obviously you've done very well. your reit has done extremely well and returning a good percentage to investors, but what has you a little nervous or wire i had at all about the trajectory of the housing market? >> well, i think the market has gotten very competitive and cap rate depression driven by low interest rates makes it challenging for investors like us to find value, so it's interesting to see what happens if rates start to tick up and will that put a floor underneath where cap rates have gone and maybe that makes it more attr t attractive for investors like us to keep investing. really hard to predict. >> sure is. that's why we put the panel together. than
been listening to fed chairman ben bernanke giving his press conference. want to point your attention -- and you have been looking at the numbers on your screen, i doubt that has sold off. it began to release sell-off the moment you begin to take questions from reporters there the federal reserve. hello, everyone. i'm cheryl and for liz. this is the last hour of trading. our fed chairman just finished speaking. as we just heard, the fed thinks the economic outlook is improving. the risks are decreasing. these are encouraging words about the economy. investors are really are taking a llt of profit off the table as they get ready for the fed to ease its bond buying program. as you heard him say, likely going to be toward the end of this year as he watches all the data. here are the major indices. the dow down 109. sixty-three do want to point out, we were down more than 170 points off as he began to speak. we have pulled back just a little bit. nasdaq substantially down, more than 1%. the s&p as well. the russell 2000. a broad base sell-off. whaa you call this volatility, selling the ri
street. talk about a selloff in the afternoon. when ben bernanke talks, the market, get like a tepid kind of momentum. today was certainly not that day. david: we warned that we may go over a 100 point loss. looks like the way it is settling. it is settling on the downside. essentially what ben bernanke said, hey, risks have diminished. the economy is getting better and tapering off will continue. he gave as you very specific timeline for tapering off of the bond purchases. all that weighed in on the market. the question is whether this is it or there are worst times to come in terms of a selloff t was a selloff and it was instigated by the federal reserve. cheryl: dow is down 205 points. we really had a vast breadth of selling in the last five minutes. david: that is the intraday low for all of the markets as they all take a dive below 1:00%. "after the bell" begins right now. cheryl: let's get right to today's action. we had a lot of it. bret says be prepared for a pullback. you got one day. larry hilsenrath. director of research who says there is one indicator no one is talking about t
federal reserve chairman ben bernanke saying he remains positive about the housing sector but is all of this enough to combat concern over rising interest rates? there is no one bettory ask than drew kessler, vice president of m & t bank. when you want to talk about housing and mortgages you want to talk to drew. >> good to be here. adam: sellers market, buyers market what is helping right now? >> i see this as a neutral market. i was speaking to a colleague that runs a sales firm, what do you think is it a buyers market or sellers market, you know what the answer was? yes. that's where is is. from last couple years where you get really great deals to find things out with the scarcity of inventory, quality inventory, sellers who have something of quality to sell are demanding a little bit after premium for it. adam: if i were a buyer or potentially a buyer i would be afraid even if a neutral market. what i keep hearing on fox birks interest rates will go up and might keep me from going into the market. is that a mistake? >> i look complete opposite. if you don't jump in now who knows
ever present since march 22 when we started to hear -- sorry, may 22 when ben bernanke eluded to the fact that it could be in the future, there's wild volatility, which was the norm over the last several trading days. you see we have had three of the last four days gaining over a hundred points, and the one that's not there was also a hundred points to the downside, but every single day since may 22, has been 1 # 00 point swings or more unlike today. the question is what happens in the # 2 p.m. hour? when i talk with traders, they are baffled because this is a time when you talk about what the fed may say, will they taper the bond buying? what will they say? no one gauges which way markets reagent to this. this is a wild card. that's the latest here on the floor, down 16 points now on dow. phil, what's going op in chicago? >> tell you what, nicole, every since the fed talked about tapering down, fed funds futures taper up. in fact, a couple weeks ago before the big taper, you look at fed bond futures, the best chance increasing interest rates was way back in 2015, not so anymo
the spin zone. ben bernanke getting flight for statements he made about the possibility of using off the bond buying program coming two days of the fed chairman was basically fired on the charlie rose show. i don't know if you saw this, lots of moving pieces but we want to let you know what you have to do to protect yourself in the midst of all of it. welcome back to the show. jack, let me start with you. have the wheels come off the fed here? it had been quite a week for those guys. >> i don't know what the dissent is about. i was supposed to keep interest rates near zero forever? at this point you are trading off this much improvement in the economy versus this much distortion of every kind of asset class investors have a choice of. it is time, isn't it? melissa: that is not really what we're talking about. we're talking bu with the chaos that ensued this week. for example, let me play the sound bite president obama basically fired ben bernanke and charlie rose. we will get both your reactions on the other side. president obama: i think ben bernanke has done an excellent job. he is
. thank you very much. >>> and tumble in the dow, a lot of it has to do ben bernanke emptying the punch bowl they have been throwing cash and buying notes and bonds to keep rates very low, that is going to end soon. in fact it's tapering and going to start by the end of this year. a lot of that, ben bernanke seem to think the economy is improving enough they can take some of that nicotine away. whether that is good or bad in the long term. very short term, they didn't like it. we're going to be all over it in a few minutes. in the meantime, we are also following these developments, not the least, the fallout on heavily and where it goes and more specifically on this immigration plan and where it is not going. stick around. [ male announcer ] we've been conditioned to accept less and less in the name of style and sophistication. but to us, less isn't more. more is more. abundant space, available leading-edge technology, impeccable design, and more than you've come to expect from a luxury vehicle. the lexus es350 and epa-estimated 40 mpg es hybrid. this is the pursuit of perfection. >>. >
fed chairman ben bernanke. or did president obama fire him last night. we have that story, too. >>> as everyone is watching bernanke and the fed, i say the bull market has plenty of room to run and i'll explain why. the "the kudlow report" beginning right now. >>> the head of the nsa says the snooping program works. it stopped 50 attacks including one on the new york stock exchan exchange. eamon javers has the report. >> the house intelligence committee is eager to explain why these programs are legal and effective saying that they've succeeded in stopping terrorist attacks. here's the fbi's shaun joyce laying out an alleged possible attack against the new york stock exchange. take a listen. >> nsa utilizing 702 authority identified an extremist located in yemen. this extremist located in yemen was talking with an individual located inside the united states in kansas city, missouri. that individual was identified as khalid ouazani. the nsa served legal process. we went up on electronic surveillance and identified his co conspirators. this was the plot that was in the very initi
kind of syndrome going here on the day after ben bernanke laid out a pretty clear agenda for when the fed may be pulling back on the qe. we are at the lows of the day, with 361 point. at this point we are looking at decline of 4.7% at the highs. we are looking at a correction of about 5% from the highs reached in may. 10-year hit 10.47% and really anything intersensitive, gold and silver very sensitive. so all kind of moving parts and pieces as we watch into the final hour. bob pisani, robert? >> yeah, let's pull up the screen. crick the's own asset bubbles, don't kid yourself. and finally options expiration. normally an factor, but i think it is today. look at the s&p 500. we dropped below it 16 on the s&p 500. and tomorrow is an options expiration date. 1600 a big interest point. once you stay below that market makers are likely doing to have to sell more into the close. that's a big issue down here and normally it is not. let's move on. let's move back back into the united states. big two-day rally. that is hurting commodity and commodity stocks. even base metals like copper an
've seen, whether this was a surprise to anyone is debatable topic the fact that ben bernanke came out yesterday that stimulus would be slowing down potentially towards the end of the year, the bond buying program. still investors had to have been ready for this, correct? >> yeah. i do think investors, sorry, weren't anticipating this. what it created is uncertainty. we all know markets, particularly equity markets don't like uncertainty. david: john, the big question is whether the rates will continue to go up the way they have. they end the day, by the way, the 10-year rates, it spiked right away. it went up to 2.4. ended the day just about the same place it started. while rates did jump in the beginning they didn't continue to accelerate the way a lot of people feared they would. is that a good sign, that in fact maybe the market is oversold right now, because rates haven't gone up as much as people feared today? >> i don't know if it's, market's oversold. i think counter intuitively we would think that rates may decline over the next several weeks. but then we would anticipate rate
in with karen cho. >> good morning, brian. the market is hanging on every word from fed chief ben bernanke today. half-hour later, ben bernanke will kick off his press conference. interest rates expected to remain low. the focus is very much on quantitative easing. the $85 million in purchases that the u.s. central bank has embarked on of late, will it continue? don't forget on any suggestion, there will be tappering on this program, there will be increased market volatility. investors aren't worried. the push has been very lucrative for many investors and so much so, more millionaires aed to the list in the past year. and it seems as though the american dream is still very much alive. 7.3 million americans now are weighing into that list as some of the ultra wealthy, brian. >> the stork market probably has a lot to do with that. we had this tussle back and forth with chrysler and they're finally doing a recall, correct? >> indeed. it relates to a douchl older models on of the suvs. the 1993 to 2004 grand cherokee jeeps. chrysler will recall those cars for inspections in some cases it will upgra
after word the federal reserve could scale back monthly bond purchases. fed chairman ben bernanke is talking with reporters now. the current stimulus policy has kept long-term interest rates at record lows and fueled a surge on wall street with the dow hitting recent records. but they are nervous now. the dow is down triple digits with less than an hour to go in trading. this is a live look at ben bernanke speaking. they could scale back those purchases beginning this fall. >>> here's a look at the big board. we talked about the triple digits. the dow is down about 150 points. >>> and how is my driving? how about calling the number on the back of one of those trucks? it could lead to a new kind of road rage. >> a bizarre and dangerous epidemic in london. sidewalks are exploding as pedestrians walk across. what's behind the blowup coming up next. >> hi, i'm meteorologist lawrence karnow in the kpix 5 weather center. lots of sunshine around the bay area. but the wind starting to pick up in spots. we'll talk about that coming up. ,,,,,,,,,,,,,,,, london.... 45 incidents sin alth and
dollar would be my number one choice. perversely to have a strong dollar we need to get ben bernanke out of the way. the thing that scares me the most is him not getting out of the way. if you get him out of the way and the market is trying to get him out of the way, the dollar strengthingens, accommodate prices come down, job growth very good and you get consumption growth in the economy as well which is really how this economy works. i want to see more of that. >> household balance sheets have been improving. keith, you say get benn bernanke out of the way, you mean the economy strong enough he doesn't have to be pumping $5 billion into the economy. >> he has to stop with the bonds buying and taper. >> take off the training wheels and let go. no michelle, what's your rating on the economy? >> i don't know. i would be a little bit more careful than keith saying let's remove all the policy and ben bernanke's presence in the economy. the fed has done an extremely important role in the last several years lessening the impact of this recession. it was a real meltdown we were experiencing in
seat, federal reserve chairman ben bernanke. >> reporter: after two days of market melt downs and high anxiety about 401(k)s plunging again, the last thing president obama or his aides wanted to do today was try to decipher the words of the fed chairman, ben bernanke. >> how is the white house sorting out what he said? >> here is what i have to say about the markets and the fed chairman and fed policy. >> reporter: nothing to say. probably smart because the market settled today, with modest gains for the dow and s&p 500 and a small drop for nasdaq, after a two day global selloff for stocks, bonds, and commodities, sparked by a massive credit crunch in china, refusal by communist leaders to intervene by pumping cash into the system, coupled with bernanke's comment that the fed may pull back on massive bond buying. >> he is like drunk driving, jerking the wheel back and forth, market doesn't know what to make of it. >> reporter: others sharply disagree, saying his message was upbeat, and as interest rates start to rise, potential buyers are getting off the sidelines, further boosting an
since ben bernanke and his testimony may 22nd. half of those, ten of the 21 actually had 200. swings. the volatility is here and today you are obviously seeing a bigger move unusual. 350 points to the downside. cheryl: and an unusual move. that is how you would characterize this. >> reporter: absolutely an unusual move. essene the volatility of 10200, but not 350. cheryl: you will get back to you in a moment. phil flynn at the cme. >> reporter: it is a metals meltdown. what temperature doubles milton mack probably when the fed starts talking about a brief. the dollar is soaring. metals are melting down. i don't care if they're precious metals, industrial metals off. there is no place to run, no place to hide. add on top of that the oil market is seeing a drop it has not seen in over a year or at least since last november. it is a meltdown in commodities. no place to run, no place to hide down here. cheryl: my guys. stand by. your headline please. >> reporter: facing a cash crunch that could cripple lending. rates are being quoted, but no transactions are taking place. he will take a
the financial times, ben bernanke, and the possibility of tapering, but g8 leaders say monetary policy should continue to support the recovery. they are basically saying don't do it. back to you. liz: i know, see, amazing how the market reacts. look at the indexes, and we are plummeting off the highs earlier, still off 71 points. liz, to your headline, please. >> liz, there's a fight developing between tech giants microsoft, facebook, and apple saying to the u.s. government let us show the breakdown of those secret fisa requests more or less domestic surveillance. the -- basically, the government says, no, you cannot, legal gag order here, but the tech giants reveal thousands of other government data requests. we'll have more on that coming up. back to you, liz. liz: looking forward to that. jones industrials -- jo, what's in the way of the car makers? >> a million of cars and downgrade in the demand of china, what's that mean for detroit and people who invest in american car companies? more on that later. liz: that's right. we have the investable angle. thank you, gang. netflix, the big stor
easing later this year. that's the word from federal reserve chairman ben bernanke-- if the economy continues picking up at its current pace. two reasons for the optimism--the rebounding housing market...and the end of widespread government layoffs. fed chairman ben bernanke pointed to an historic indicator of good times coming---the housing market is bouncing back. "it's not only creating construction jobs, it boosts value and improves consumer sentiment." and public sector layoffs seemed to have run their course. the fed chairman says if employment grows at its current pace-- roughly 200-thousand jobs a month and inflation goes up but no higher than 2%, the government's bond-buying program known as quantitative easing may be scaled back later this year and into 2014. "we will continue to reduce the pace of purchases in measured steps through the first half next year, ending purchases around mid-year." "quantitative easing did its job but it's not needed anymore." joel freimuth (free- muth), who helps companies manage their operational budgets says the fed has to now gracefully bac
on wednesday after federal reserve federal chairman ben bernanke said the central bank would start winding down its economic stimulus program later this year. just how far stocks will slide remains to be seen, but while all this volatility has spooked some investors, financial experts say what we're seeing isn't all that new. wall street investors got their bells rung on thursday. blue chip stocks falling more than 350 points on disappointed economic news out of china, and that loss coming on the heels of another triple-digit selloff on wednesday that was largely triggered by this. >> we would continue to reduce the pace of purchases in measured steps through the first half of next year, ending purchases around midyear. >> ben bernanke's announcement that the federal reserve is planning to stop buying up $85 billion worth of bonds a month. that program has kept interest rates low and encouraged spending and hiring. >> the message that we're getting out of washington is that slowly but surely the infusion of capital's going to have to stop at some point, albeit slowly. the faucet will turn off s
is a lot of the artificial stimulation the market has gotten by ben bernanke's policies, it's starting to come to roost. and our fund feels like the stock market right now has a correction in mind somewhere in the 5% to 7% range over the next quarter. i could look for somewhere in the course of this week about 1,000 points to the down side. if i was a retail investor, i had some profits, i would go into monday morning thinking let me take some profits off the table, if the bubble starts to burst, there will be great opportunities down the line. but the prevailing opinion is always sell it in may and go away. we're in june. if you haven't sold yet, i'd be selling monday. >> 1,000 points. gary, are you buying or selling? >> well, first of all, john just scared the heck out of me. so i don't think -- well, okay. i agree with him in part of it. do i think there is more down side. i don't think it's going to be another 1,000 points down. that would take us below dow 14,000. i think that's probably a pretty safe stopping ground. in direct answer to your question, yes, i started buying late t
] ♪ [ male announcer ] universal studios summer of survival. ♪ >>> welcome back. what message is ben bernanke communicating to the market? steve liesman breaking down the latest fed survey results to give us an eye into that. over to you. >> reporter: it's a message of a taper sooner than they had previously expected. let's look at the timeline from our survey of 60 economists and wall street strategists. in the april survey, tapering was supposed to start in february 2014. now, you can see that's moved down a little earlier, december 2013, is the latest average of expectations here. how about stopping qe altogether? that's still in july, as it was in april. right now, the same thing. how about when they might hike the funds rate? have to come down here. hiking the fed's funds rate is an issue for the second quarter of 2015. just take the wide view, you can see there's a big gap here, though the gap between when they start tapering and stopping qe right now a little wider. i want to show you one other way to think about it. that was the average response. i want to show you the top response in
-off on wall street as the markets stand in revolt against ben bernanke and the fed. i'm larry kudlow, welcome back to "the kudlow report's" special coverage of today's market meltdown. let's begin right away with our special coverage right on wall street and find out exactly what happened and why. cnbc's own bob pisani has been following it for us all day. give us your details and your take and good evening. >> good evening. 550-point decline in the dow in two days, larry. i'm calling this a mini perfect storm. several things, three in fact came together to cause most of the problems. first, the fed action causing people to worry about interest rate rises down the road. second, china is trying to reduce liquidity and they're trying to trick their own asset bubble and real estate there and that's causing gyrations in the emerging market world and we have an options exploration tomorrow and the options and futures when the s&p 500 drifted below 1600 in the middle of the day, that was a key option level and i think that hurt the markets as well. take a look at emerging markets and there is a lot
about the future of the fed chair, ben bernanke, after president obama's interview with charlie rose. i want to play a little clip of that. >> ben bernanke has done an outstanding job. ben bernanke's a little bit like robert mueller, the head of the fbi, where he's already stayed a lot longer than he wanted or he was supposed to. but i think he's -- >> but if he wanted to be reappointed, you would reappoint him? >> he's been an outstanding partner. >> he did not say yes there. so, are ben bernanke's days numbered? what's the buzz over there? >> well, you know, we've kind of suspected for some time now that he would be stepping down at the end of his tenure which at the end of january, 2014, but obviously these comments from the president really put the spotlight on who the next chairman might be and when we could get an announcement on all of that. we could get an announcement from obama in the fall. it could be sooner, in the summer. i think, you know, i've spoken to a couple of people. they doubt very much that ben bernanke would do it today, but we'll just have to wait and see. >> cn
mentioned ben bernanke, that is a big issue coupled with china and some what of a credit crunch overnight in particular and that weighs on things as well. it makes for a tough day on wall street. phil flynn. phil: these must have been a fed paradise or something because yesterday we were talking new high for oil for the year not so after the fed meeting. look at this oil. unbelievable, down $2.79 a barrel, the biggest move have seen in a long time. i have been through this, not only does the oil have to deal with the possibility offthe fed favoring but now we deal with china. we had a terrible manufacturing number in china on top of the submerging credit crisis. how bad will be? the government says we are trying to get rid of shadow banking, forget about that. that doesn't help bold leader, look at gold plummeting today, down $80 an ounce, below $1,300 an ounce. we haven't seen that in a long time. back to you. dennis: you can hear the frenetic feeling all-around and for more on the markets let's bring in bernstein global wealth management says masters a neurosis of the capital's peter sc
of the fed cutting back on easy money everywhere. federal reserve chairman ben bernanke and the fed may well be ready to ease up on the bond buying program as the fomc meeting gets you know way today. peter barnes is in washington, d.c. with all the details. you wonder if they planted some of this little stuff on purpose, peter. >> well, tracy, most analysts i talk to do not expect a change in fed policy. they expect continued easy money. expect continued quantitative easing. but, the press conference tomorrow after the meeting, the two-day meeting ends, gives chairman ben bernanke the opportunity to clarify or even walk back some of the comments he made last month about the possibility of tapering the bond purchases by the fed, the $85 billion a month, to comment on slowing quantitative easing. >> he can't say too much because he doesn't know himself when they're going to start tapering. but i think he needs to sort of make it clear, no it is not imminent in the this meeting or the next meeting. >> we'll also get a statement from the federal open market committee and that will also provide
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